Confidence in Pennsylvania’s Increasing Long Term Care Costs
Effective long term care (LTC) plans are those that allow people to receive quality care in their choice of setting without in any way affecting the lifestyle that they have grown accustomed to throughout their lives. With a Pennsylvania long term care insurance (LTCI) policy Pennsylvanians will have absolute control over their future.
Having a retirement plan is one thing, but having an LTC plan incorporated into it is another. Most retirement plans include twice a year travel expenses, hobbies to pursue, a vacation house, and other pleasurable things which were put aside for so long so they don’t get in the way of one’s moneymaking activities.
Only few people have actually considered planning their future health care needs because most would-be retirees are so engrossed and excited with the idea of finally getting to do what they’ve been aspiring to do for so many years. Feeling strong and healthy right now, many of them think they will never need serious care in the future and so for them there’s nothing wrong with putting off an LTC plan.
Unfortunately, when the day comes that they unexpectedly develop a chronic illness or figure in an accident that will result in permanent disability, it will be too late for them to come up with an LTC plan. Bear in mind that LTC planning is not like producing an entry to the school science fair. Some LTC plans even take months to a year before it can be completed especially if one has to take into account very high nursing home costs.
Pennsylvania, like other U.S. states in the mid-Atlantic, has many nursing homes that provide topnotch services. It has over 700 nursing homes and all of which have acquired license to operate from the state’s Department of Health.
If you’re after quality care you’ll definitely find it in Pennsylvania but the question at hand is can you afford it?
Planning with a Pennsylvania Long Term Care Insurance
Pennsylvania’s government and private insurance companies that are authorized to market and sell long term care insurance policies are encouraging families and members of the working class to plan their LTC needs early, as the cost of care is expected to quadruple soon.
Senior Pennsylvanians in nursing homes are currently spending $273 each day for a private room while those in semi-private rooms are forking out $252 every day. Beginning 2030, the daily cost of a private nursing home room is expected to rise to $1,092 while a semi-private room $1,008.
Apart from nursing home rates, those of assisted living facilities, home health care agencies, adult day health care centers, and other LTC settings are also set to rise. Without a clear LTC plan your nest egg and other assets shall be wiped out by the cost of care in a year’s time.
Uninsured folks think investing in a Pennsylvania long term care insurance policy will cost them a lot of money and this, indeed, may happen only if they invest later in their lives. Those who thought of it earlier and when they were younger are now enjoying very low annual premiums.
Get in touch with a licensed LTCI agent today so you can get long term care quotes and plan your LTC and be able to face the high costs of care with your head held high.
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